Fluid Q2 TVL falls to $3.4 billion, revenue down 29% month-on-month

According to the Token Terminal report, Fluid, a DeFi protocol created by the Instadapp team, released data for the second quarter of 2026. The average TVL for the quarter was US$3.4 billion, down 21.1% from the previous year, and still up 84.9%; active loans of US$1.5 billion, down 15.1% from the previous year, up 92.9%; transaction volume of US$18 billion, down 37.3% from the previous month; expenses of US$9.5 million, down 21.5% from the previous month; the contract revenue of US$1.8 million, down 29.3% from the previous year and 9.8% from the previous year; and 70,700 thousand monthly users, down 43.8% from the previous month.

The capital structure continues to lean towards Jupiter Lend, which collaborates with Jupiter on Solana, with an average TVL of about $1.7 billion, accounting for nearly half and achieving month-on-month growth, making it the largest lending deployment. There were outflows at the beginning of the quarter due to third-party incidents such as Resolv. Fluid contracts were not attacked, related bad debts were covered by treasury, etc., and there was no loss of user funds. During this period, Bitwise began managing the USDE market on Jupiter Lend, Liquidity-as-a-Service launched and launched a US$100 million susDAI liquidity facility, and RWA related assets such as Huma PST were also connected to Fluid.

The team said it will continue to promote institutional-level deployment, Jupiter DEX and Sui expansion, etc., to introduce incremental capital and improve revenue efficiency through vertical product cooperation with institutions.